Posts by Dave DeFazio
How Banks/CUs Can Close the SMB Product Gap
By Dave DeFazio Digital banks and fintechs have succeeded in luring small and medium-sized businesses by embracing a customer-centric approach, creating “reconfigured mashups” of features and functionality that combine multiple financial services. They offer value-added features like subscription management and real-time payment tools as part of their core checking accounts. While many customers may open…
Read MoreSmall Business Banking’s Growing Product Gap
By Dave DeFazio For small and midsize businesses, access to efficient and value-driven services is crucial to managing their financial operations. However, a significant gap exists between what banks offer and what SMBs truly need. This gap presents a challenge and an oppurtunity for traditional financial institutions as they navigate increasing competition from digital banks…
Read MoreRecording: Subscription Revolution Webinar
Download Presentation (PDF) In the current banking environment primacy, organic growth, and product differentiation are keys to success for both retail and business accounts. Also, threats of OD/NSF fee cuts will directly or indirectly affect the entire banking industry. And many banking leaders know that “wait and see” is not an effective solution to these…
Read MoreYour Checking Products Must Address SMB Customers’ CyberSecurity Concerns
By Dave DeFazio The statistics are sobering about the cyber challenges and data theft realities of being small and medium businesses (SMB) today. According to Infosecurity Magazine: Over three-quarters of cyber incidents impacted small businesses in 2023. Nearly half of all malware targeting SMBs last year focused on data theft. Researchers observed a rise…
Read MoreResearch Part 4: Opportunities from Reinventing Business Checking Accounts
Editor’s Note: This is the fourth and final part in our series exploring market research we commissioned with financial services firm Cornerstone Advisors to get a state of market view through the eyes of SMB leaders across the country. Our main goal was to understand their challenges now and how community financial institutions could…
Read MoreRecording: Growing Deposits and Primary Relationships Webinar
Download Presentation (PDF) In the wake of the rollercoaster of 2023, it’s more important than ever to initiate, grow, and maintain deposit relationships – especially ones that are primary, profitable and engaged enough to cross-sell other deposit and loan products. Yet most banks’ checking product features are irrelevant to the modern needs of today’s consumers…
Read MoreResearch Part 3: SMB Banking Relationship Paradoxes Are Opportunities for Community FIs
Editor’s Note: This is the third in a monthly series exploring market research we commissioned with financial services firm Cornerstone Advisors to get a state of market view through the eyes of SMB leaders across the country. Our main goal was to understand their challenges now and how community financial institutions could best compete…
Read MoreResearch Part 2: Reinventing a Community FI Strategy to Regain SMB Market Share
Editor’s Note: This is the second in a monthly series exploring market research we commissioned with financial services firm Cornerstone Advisors to get a state of market view through the eyes of SMB leaders across the country. Our main goal was to understand their challenges now and how community financial institutions could best compete…
Read MoreResearch Part 1: Reinventing a Community FI Strategy to Regain SMB Market Share
Editor’s Note: This is the first in a monthly series exploring market research we commissioned with financial services firm Cornerstone Advisors to get a state of market view through the eyes of SMB leaders across the country. Our main goal was to understand their challenges now and how community financial institutions could best compete…
Read MoreRethinking the Small Business Checking Playbook
By Dave DeFazio This article was previously published on BankDirector.com Even before interest rates rose, community banks and credit unions were battling megabanks, regional banks and the new wave of digital banks and fintechs to keep and attract traditional retail and small business checking account customers. This battle is for only a small percentage of…
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